World Food Prices Drop in September

The United Nations’ Food and Agriculture Organization says the Food Price Index averaged 136.3 points in September, 1.1 percent below August and the sixth-straight monthly decline. The decline was driven by a sharp fall in the international prices of vegetable oils and moderate decreases in those of sugar, meat, and dairy products. Together, that more than offset a rebound in the cereal price index, which averaged 147.8 points in September, a 1.5 percent rise from August. The Vegetable Oil Price Index averaged 152.6 points in September, down more than six percent from August month-on-month and the lowest level since February 2021. The Dairy Price Index averaged 142.5 points, down a half-percent from August and the third-consecutive monthly decline. However, that was still almost eight percent higher than the same time last year. The Sugar Price Index was 109.7 points, down 0.7 percent and its lowest level since July 2021.